International Financial Reporting Standards IFRS in Practice Course

Training Outlines

Introduction

International Financial Reporting Standards (IFRS) have become the global standard for financial reporting, providing a common accounting language that improves comparability and transparency. This 5-day professional course, "IFRS in Practice," is designed to equip finance professionals with practical insights and the necessary skills to effectively implement IFRS in their organizations. Participants will gain a comprehensive understanding of key principles, significant standards, and strategies for successful application of IFRS in their day-to-day operations.

Objectives

• Understand the framework and principles of IFRS.
• Identify key differences between IFRS and local GAAPs.
• Apply IFRS standards in preparing financial statements.
• Analyze financial statements in accordance with IFRS.
• Implement best practices for IFRS transition and compliance.

Course Outlines

Day 1: Overview of IFRS Framework

• Introduction to the IFRS Foundation and IASB
• Importance and benefits of IFRS adoption globally
• Structure and components of the IFRS framework
• Processes of IFRS standard-setting and updates
• Key terminologies and definitions in IFRS

Day 2: Presentation and Disclosure under IFRS

• IFRS Standard for Presentation of Financial Statements (IAS 1)
• Statement of Financial Position: Components and Presentation
• Statement of Comprehensive Income and its Components
• Notes to Financial Statements: Importance and Presentation
• Interim Financial Reporting (IAS 34)

Day 3: Key IFRS Standards and Applications

• Revenue Recognition (IFRS 15)
• Leases: Understanding IFRS 16
• Financial Instruments: IFRS 9 and IFRS 7
• Property, Plant, and Equipment (IAS 16): Recognition and Measurement
• Impairment of Assets (IAS 36)

Day 4: Complex Standards and Consolidations

• Business Combinations (IFRS 3)
• Consolidated Financial Statements (IFRS 10)
• IFRS 11: Joint Arrangements and Partnerships
• Fair Value Measurement (IFRS 13)
• Employee Benefits (IAS 19)

Day 5: Transition, Compliance, and Real-World Applications

• First-time Adoption of IFRS (IFRS 1)
• Transitioning from Local GAAP to IFRS
• Managing IFRS compliance within the organization
• Case studies and real-world challenges
• Q&A and feedback session

Training Schedule

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